Pullback To Renew Acquaintance....>

EURO-DOLLAR TECHS: Pullback To Renew Acquaintance With $1.2215 Support

*RES 4: $1.2380 Congestion area Apr 18-19

*RES 3: $1.2353 Apr 20 high

*RES 2: $1.2336 Apr 17 low, now resistance

*RES 1: $1.2280/90 Hourly resistance, intraday high

*PRICE: $1.2230 @0940GMT 

*SUP 1: $1.2215 Apr 6 low, 1% volatility band 

*SUP 2: $1.2155 Mar 1 low

*SUP 3: $1.2091/93 1.618 swing $1.2215-$1.2415, 2%, Sep 8 hi

*SUP 4: $1.2055 50% Fibo of $1.1554-$1.2556

*COMMENTARY* After failing to trouble $1.2415-$1.2422 resistance early last

week, there has been a gradual slide lower, initially toward $1.2310-$1.2291

support. The subsequent loss of the latter sees recent upside momentum take a

hit and allows some deeper correction of gains to take place, the loss of the 8

week bull channel base at $1.2240 now sees $1.2215 as next in line. In the

meantime, resistance comes from $1.2285-$1.2290, above would assist.